Sunday, November 18, 2007

Are Your Friends Making Your Poor?

"It's the forbidden question most of us prefer to avoid, at our financial peril. If you've ever picked up a tab, purchased a ticket or taken a trip with friends against your better judgment, you've probably wondered, however fleetingly, if your social life is driving you into debt."
Are Friends to Blame for Your Debt?

In my view the answer is both yes and no.

Yes – if you are insecure in yourself and seek others approval or companionship to fit in. Well – that is an extreme situation but it does happen. I have fallen in that trap where I have spent more money than I planned because of social pressure or obligation.

If you are spending to buy friends – then there is a problem. Friendship is mutual relationship and is usually a zero sum game – financially speaking. If you end up paying for most expenses at social gathering and are pressured to spend more than you feel obliged to – you need to reexamine your social context. Friends’ help you succeed in life – not drag you down in debt.

No – because eventually you are responsible for your financial well being. You choose your friends, your lifestyle and your financial well being. No one is making you poor but your perspective on life and your choices. If you are still caught in the blame game – stop. You are in charge of your life and there is more than enough good advise available to get you going on the right financial path.

Friends are an integral part of social existence so enjoy their company but don’t let them dictate your financial future or be used as an excuse for financial excess.

1 comment:

Adeem Zafar said...

I agree. I think that one shouldn't need to dwell too much on this issue. If a bunch of friends go out together, fairest is if everyone pays an equal amount but if someone wants to pick up more or the whole thing, just remember to pick up their share the next time.